Indian wheat futures and spot market witnessed a downtrend on profit booking on Tuesday.
On the National Commodity and Derivatives Exchange, wheat for December delivery decreased by Rs 18 and traded at Rs 1,594 a quintal, it had touched a high at Rs 1,615 a quintal earlier on Tuesday. January contracts went down by Rs 11 to Rs 1,585 a quintal. Similarly, wheat spot prices on the exchange eased by Rs 25 and traded at Rs 1,525 a quintal.
In the physical market, after ruling flat for almost four weeks, dara wheat prices eased marginally by Rs 10 and quoted at Rs 1,530-1,540 a quintal. Around 650 quintals of dara variety arrived from Uttar Pradesh the stocks were directly offloaded at the mills. Mill delivery was at Rs 1,530-1,535 a quintal while delivery at the chakki was Rs 1,540 a quintal.
There are no local stocks available in the market and till the government is giving stocks to the bulk buyers, dara wheat prices may continue to rule around current levels, said Satish Kumar, a market expert. The flow of the stocks is not regular in the market, he added.
On the other hand, Desi wheat varieties continued to rule flat and quoted between Rs 2,500-2,550 a quintal.
Despite a downtrend in wheat, flour prices ruled unchanged on steady buying and quoted at Rs 1,750 a quintal. Similarly, Chokar ruled flat and went for Rs 1,550 for a quintal.